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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 24 January 2014 [View all]xchrom
(108,903 posts)10. UK'S OSBORNE DENIES MONETARY POLICY CHANGES FAILED
http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-24-05-53-37
DAVOS, Switzerland (AP) -- George Osborne, Britain's economic minister, dismissed suggestions Friday that the Bank of England's strategy to link monetary policy to unemployment has been a failure after its governor gave a clear hint that it would be scrapped.
A day after Mark Carney said he was against "unnecessarily focusing too much on one indicator," Osborne told a panel at the World Economic Forum that the governor's plan to change the guidance was evidence the policy "works."
Last year, the bank introduced "forward guidance" to its monetary policy framework, whereby it would not consider raising rates from their super-low levels until the unemployment rate was down at 7 percent. Figures this week showing the U.K.'s unemployment rate down at 7.1 percent stoked speculation that the bank would start raising interest rates soon.
Without a clear communications strategy, Osborne suggested unemployment would not have fallen as much.
DAVOS, Switzerland (AP) -- George Osborne, Britain's economic minister, dismissed suggestions Friday that the Bank of England's strategy to link monetary policy to unemployment has been a failure after its governor gave a clear hint that it would be scrapped.
A day after Mark Carney said he was against "unnecessarily focusing too much on one indicator," Osborne told a panel at the World Economic Forum that the governor's plan to change the guidance was evidence the policy "works."
Last year, the bank introduced "forward guidance" to its monetary policy framework, whereby it would not consider raising rates from their super-low levels until the unemployment rate was down at 7 percent. Figures this week showing the U.K.'s unemployment rate down at 7.1 percent stoked speculation that the bank would start raising interest rates soon.
Without a clear communications strategy, Osborne suggested unemployment would not have fallen as much.
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Surveillance and Scandal Time-Tested Weapons for U.S. Global Power By Alfred McCoy
Demeter
Jan 2014
#6
It hasn't gottten any easier, either. And DEFINITELY not any fairer or equitable.
Demeter
Jan 2014
#22